Zimbabwe targets $1bn credit

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By Louise Ireland

London - Zimbabwe's bankrupt unity government is targeting $1bn in credit lines from Africa, Elton Mangoma, the country's minister for economic planning and investment promotion told the Financial Times on Monday.

Last Thursday Zimbabwe's Finance Minister Tendai Biti said the country was receiving $400m in credit lines from African states to revive its ailing industries, the first major financial package since the government was formed.

Although funds from African states may help, Zimbabwe is in dire need of aid from Western donors, who have demanded broad economic and political reforms, including ending a new wave of farm invasions aimed at the few remaining white farmers.

The government, formed in February by rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai, has appealed for billions of dollars from the West.

Latest official figures showed consumer inflation at -3 %month-on-month in March compared with -3.1 % in February. Previous figures showed inflation at 231m % in July.

- Reuters